Acting chief executive Stewart McRobie said it had been a year of "mixed success".
Exceeding the $2 billion turnover mark was a "big milestone", he said.
"Within that number the Football World Cup was an outstanding success and generated $32 million of turnover -- the highest turnover of a sporting event that we've ever had in terms of betting revenue."
The industry was challenged by a weaker Australian dollar, which affected its revenue by about $2 million, Mr McRobie said.
The racing board needed to be "cost vigilant" and try to reduce costs as much as possible, he said.
"We need to continue to respond fast to a changing external environment."
Board chairwoman Glenda Hughes said she was astounded when she was told of the record turnover.
"I'd have to say that when I was told about the $2 billion mark I thought it was a Tui moment -- 'Yeah right' -- but actually it wasn't a Tui moment and it did actually happen."
Over the years, Racing Day crowd numbers had declined, but the industry was still holding strong compared with other sports, Ms Hughes said.
"We are actually operating in a challenging environment.
"They do talk about Race Days in decline -- 10 years ago over a million Kiwis attended the races and now the figure is close to 800,000.
"I think rugby would be very pleased to have our problem."
Earlier this year, the board's chief executive Chris Bayliss suddenly left his $1 million dollar job, 22 months after starting the role, citing personal and health reasons.
His departure was not mentioned during today's AGM.
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By the figures:
* Total turnover, $2,088,500,000 -- up from $1,956,800,000;
* The NZRB distributed $2.3 million to community sporting organisations;
* Punters spent $32.3 million during the Football World Cup;
* The NZRB's net profit before distributions for 2013/14 was $137 million, an increase of $2.5 million on the previous year.
